Problem 1: (6 points) Jill owns a residence and surrounding acreage in Cedar Falls, Iowa. She wants to sell the property with the help of a broker, but she also wants the freedom to sell the property herself without paying a commission. Given Jill's goals, explain (1) each of the three types of listing agreements we discussed, and (2) whether each will or will not work for Jill's needs. Problem 2: ( 2 points) Assume that Jill enters into a listing agreement with a broker, Jay. Jay locates Betty Buyer and shows Betty the property. With Jay's help, Betty executes a purchase agreement offering Jill the sum of $250,000.00 for Jill's offered real estate, subject to Betty obtaining conventional financing for 80% of the purchase price at 6% interest for a term of 30 years. Jill accepts the offer. Betty makes a diligent effort to obtain the financing, but the lowest interest rate she is able to obtain is for 6.7%. Betty lets Jill know she is not going to move forward with her purchase of the property. A. Is Jill entitled to damages from Betty for Betty's cancellation of the purchase agreement? (1 point) B. Is Jay entitled to a commission from Jill? (1 point) Problem 3: (2 points) Adam markets his home for sale and receives offers from both Betty and Carl. Adam is not particularly pleased with either offer, and he gives counteroffers to both Betty and Carl. What will happen if both Betty and Carl accept Adam's counteroffers